Xi Jinping seemed to back off some of his tough talk on trade and he announced he would be fairer to the United States on his auto imports.
President Xi Jinping has promised to cut Chinaâ€™s auto import tariffs and ease restrictions on foreign ownership in its auto industry amid an escalating tariff spat with Washington.
In a speech Tuesday at a business conference, Xi made no direct mention of the dispute with President Donald Trump but pledged to open Chinaâ€™s markets further and improve conditions for foreign companies.
Xi said Beijing will â€œsignificantly lowerâ€ tariffs on auto imports this year and ease restrictions on foreign ownership in the auto industry â€œas soon as possible.â€
The pledge addresses one of the gripes of US President Donald Trump, who has threatened to impose new tariffs on $150 billion of Chinese goods in a trade dispute between the world’s two largest economies. Experts cautioned, though, that Xi’s comments may not do much to resolve the conflict, which has rocked markets in recent weeks
Currently, China imposes a 25% Tariff on foreign cars while the U.S imposes a 2.5% on them.